15 June, 2016
The EUR/USD broke the support trend line (dotted green) after yesterday's strong bearish 4 hour candle appeared. From a long-term perspective price is still above key support such as the daily trend line (solid green).
The EUR/USD seems to be building a bearish 5 wave (green) within wave C. A break of support (green) could see an extension of the 5 th wave towards the Fibonacci targets. A break above resistance (red) increases the chance of a bullish momentum to the next resistance (orange) and the completion of the C wave (blue).
The GBP/USD is respecting a support trend line (green) and approaching a key Fibonacci level. For the moment price action remains marked as a corrective ABC (green) unless price manages to break below the 161.8% target, which makes a 123 wave pattern more likely than the current ABC (green).
The GBP/USD managed to post a lower low with the momentum is decreasing which is confirmed by the shallow angled support trend line (green). A break above resistance (orange) marks the completion of wave C (green). A break of the inner support (blue) could see price make one more (last) push towards the 161.8% Fibonacci level before a bullish bounces becomes increasingly likely.
The USD/JPY was not able to break below the bottom yesterday but a break below the 100% level still invalidates the wave 1-2 (purple) structure. Price has grudgingly broken above the resistance trend line (dotted red) but has so far shown little bullish momentum.
The USD/JPY therefore needs to break above the next resistance (orange) before a bullish momentum becomes more likely.
The EUR/USD has broken long-term support levels (dotted green) but still has important and decisive horizontals levels to break before a wave 5 (blue) of wave C (purple) can be confirmed...
The GBP/USD managed to break the resistance trend line (dotted red) despite the British vote on the EU membership taking place today (Thursday June 23rd). The bullish price action is most likely reflecting a reaction towards the opinion polls...
The EUR/USD has made a slight bearish bounce at the resistance trend line (red). The bullish momentum, however, is still in control and a breakout could see price move towards the Fibonacci levels. Of course, all currency pairs will be impacted by the British vote on Thursday June 23rd...
The EUR/USD did not manage to break above the 61.8% Fibonacci resistance level and instead broke below the support trend line (dotted green). This bearish breakout has seen strong momentum but price is still above long-term support (green)...
The EUR/USD retraced back to the 23.6% Fibonacci level of wave B (orange) and could now be building a channel (red/blue). A break below the channel could indicate that price is retracing back to the 38.2% Fibonacci level...
The EUR/USD is pausing at the 100% Fibonacci level of wave C versus wave A. Wave C (blue) corrections are typically equal to the length of wave A so a break below the 100% Fib target increases the likelihood of a potential wave 3 (purple)...
The EUR/USD broke below the horizontal support (dotted blue) as the bearish channel maintains its momentum to the 100% Fibonacci level. Wave C corrections are typically equal to the length of wave A so a break below the 100% Fib target increases the likelihood of a potential wave 3...
The EUR/USD broke the internal resistance trend line (dotted orange) and made a move up to the 38.2% Fibonacci level of wave B (blue). Price is now challenging the long-term support trend line (green)...
The EUR/USD broke above the resistance trend lines (dotted red), which makes it likely that a swing high and swing low was completed at the trend line...
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